Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Welcome to the Fear and Greed Business News Afternoon Report for Friday, the 5th of June, 2026. I'm Sean Aylmer. Every afternoon, we've got the five stories that happened today that you need to know about. Story number one, the S&P ASX 200 fell 0.7% today to finish at 8,625 points, led lower by the big miners as the price of iron ore fell to a multi-month low.
For the week, the benchmark was down more than 1%. Now, BHP Rio Tinto... Fortescue, South 32, mineral resources were all lower today. Oil was up. on the back of little sign of progress in ceasefire talks, but the energy stocks, Woodside and Santos, were lower. The banks were also generally lower. It was a day for defensive stocks. CSL, Cochlear, ResMed, Coles and Woolies all did pretty well.
Story number two, the federal government will put more than $270 million in KPMG contracts under scrutiny and reopen an examination of how large partnerships are governed.
Chapter 2: Why did the ASX 200 fall this week?
as the growing data misuse scandal threatens to engulf the entire professional services industry. In a major escalation, the Federal Finance Department has formally declared the scandal a significant event. According to the FinReview, the crisis was triggered by a whistleblower, a former audit director, who came forward internally in May 2024.
The core of the allegations are that KPMG partners misused confidential lend-lease board papers to pitch for and win the external corporate audits of Westpac and Dexus.
Victorian Premier Jacinta Allen's leadership may face a challenge within the next six weeks, according to media reports, with unnamed sources saying they're increasingly concerned about the government being wiped out at the state election in late November this year. Allen was elected Labor Party leader in September 2023 after former Premier Daniel Andrews resigned.
And the leaks to the media, whether or not a challenge is on the way, shows that some MPs are worried. The main concern internally is that Alan has failed to address integrity issues stemming from union misconduct on government construction sites. Story number four, Megaport jumped as much as 27% today before closing up 14%.
That's after it raised $518 million to invest in NVIDIA chips as part of an artificial intelligence push. Citi, the investment group, also upgraded Megaport's target share price by 41%. Also today, IFM Global Infrastructure extended its offer period in its $6.9 billion takeover for Atlas Arteria. Atlas' board continues to tell investors not to take up the offer.
And the chairman of Ainsworth Game Technology and another senior executive have abruptly resigned a week after the company confirmed the pair received millions of dollars in previously undisclosed bonuses shortly after a major shareholder bought into the business. And finally, story number five, US President Donald Trump.
overnight announced $700 million in federal funding for the country's struggling coal industry, including money that would help build the first two new coal-burning power plants in the United States in more than a decade. It's the latest in a series of initiatives by his administration to improve the fortunes of coal, the most polluting of the fossil fuels.
and a favourite industry of the president's. According to Bloomberg, the Energy Department has ordered units at five ageing coal plants to stay open instead of shutting down as planned, and Trump has directed the Defence Department to buy more electricity from coal plants to power military installations nationwide. That's it for the afternoon report for Friday, the 5th of June, 2026.
Make sure you're following the podcast and head along to fearandgreed.com.au to sign up for our free daily newsletter. I'm Sean Aylmer. Enjoy your evening.
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